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economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to governors here to talk about how that change affects their jobs and what they're doing to jump- start their economies which compete with one another. this could be fun. let me start with our guest. governor hickenlooper. i knew that was going to happen. most of us here are pretty much aware of california's budget crisis. can you give us a quick briefing on where colorado is and what you are trying to do to turn things around? >> our budget is just as dressed as almost every state in the country. we have been working trying to control costs, get our pension funds in line, our state employees have not had a raise in four years. it has been difficult all the way around. the real challenge has been to try and turn public sentiment and get people to recognize it without a strong economy. it will not solve any of these problems. we have been relentless in what we did, the bottom up process and we asked them what they want
on the economy. the washington post writes that the white house is ratcheting up pressure to avoid the fiscal cliff. on c-span tonight, we will bring you some of the house and senate debate from august of 2011, when congress passed the budget control act that triggered cuts to take effect on january 1. we will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said w
've spent a good deal of your career working on, mr. hall, has been the improvement of the american economy. and tonight i'd like to join a couple of my colleagues on the democratic side to talk about the economy and specifically to talk about jobs and the things that we can do here in the a winning days of this congress -- wanning days of this congress to create some job opportunities. we've got some very heavy lifting here in congress in the next month and a half. everybody wants to talk about the fiscal cliff, some talk about austerity, bomb, others talk about what needs to be done to lift the debt limit. and all of these issues are before us. tax increases are not. but underlying all of that, foundational to all of that, is putting america back to work. getting americans back into their jobs. if we do that we will clearly increase employment and when you increase employment you always increase tax revenue to the federal government, to state governments and local governments. so our principle task as i see it and i think i'm joined by many of my colleagues, both democratic and republican
. >> obama: by 2025, the average fuel economy of their vehicles will nearly double to almost 55 miles per gallon. it will save a typical family more than $8,000 in fuel costs over time. >> jennifer: now of course, if you get an electric vehicle like i have, it is over 250 miles per gallon if you go to the gas at all. anyway, if president obama likes it then the right wing, of course, must hate it! and they do. with a passion and vitriol that is usually reserved for the war on christmas and misplaced birth certificates. >> even with the $7500 federal rebate or whatever you get for it, it is still beyond pricy for a fred flintstone car. >> trying to push this crazy green agenda. we're twice the size. >> i can't tell you how annoying. get out of car. go in the trunk. get this long cord. hook it into the side. plug it into the wall. >> first world problem. >> it was raining. i'm worried i'm going to get electrocuted. >> the electric car is about taking away choices from the american people about -- the electric car i
to disincentivize the economy and being too restrictive and cut off growth. it would be easy if there was a right and wrong. everything is right here so it is a matter of judgment, what proportion you come back in these things. but i think both sides have to be touched in this, entitlements have to be touched and revenue has to be touched. >> that's the message lloyd blankfein is delivering right now to members of congress on the hill and what he'll say to the president later on today. >>> as eamon mentioned, the president will not only meet with mr. blankfein but a number of other ceos at the white house later today to sell that fiscal cliff plan to them. president earlier today out speaking about it. our chief washington correspondent john harwood is live at the white house with some details on that. hi, john. >> reporter: hi, sue. i echo eamon. i think wall street ought to pay a little bit less attention to the statements that are coming out every day because we've got a long way to go on this roller coaster ride. we've got a live picture of jay carney briefing at the white house right now. th
to strengthen their muscle is when the economy is good not when it is uncertain and tough. >> so there could be a backlash from unions pushing businesses to the max because if trying to support jobs and get better benefits they may in fact be taking workers out jobs. >> any are. look what business is doing, moving with their not. if you look where business is moving in the united states --. >> one example is hostess 18,000 jobs when the unions pushed them. they are gone. >>guest: hostest. airlines. boeing. up-and-down corporate america. that is why businesses are moving to right-to-work states. the states that are getting the most movement of their businesses it is so that those states that have right-to-work states. i am not saying they shouldn't have unions, but it is the wrong time to kick business when jobs are scarce and the economy is tough. >> but unions have been in powered, vicinity they, they won the presidential candidate. some leaders say they will push congress ma make unionizing eitherrer. is this the time to push back. >>guest: they are in favor right now, the ear of the admin
is to talk about the economy. but i would say something is. romney only emphasized -- very quickly. we cannot run only on an economic message. we have the full conservatives on social issues, on the national security, and on the economy. spent and aspirational. aspirational a mechanism where you are free to go as far as you want to go and to do what you want to do. and you are right about the hispanic community, especially they are very and trunk -- entrepreneurial. guess what. they start liking free government less. >> unfortunately, we're out of time to want to thank you all for coming today. please join me in thanking our panelists for this terrific presentation. [applause] [inaudible conversations] >> tonight in primetime we get a closer look at the presidential election. we have from president obama's former campaign manager and republican strategist steve smith. that's and university of delaware and starts at 8 p.m. eastern. here on c-span2, author mark friedman talks about how more baby boomers are entering into a second careers. he's the author of the big shi shift. that's also at 8 p
's the one that's most beneficial for our economy. >> reporter: larry, what i would say is tax increases does not necessarily, despite the rhetoric on both sides, and especially from democrats, does not necessarily have to mean increases in tax rates. it is possible, if you look at the estate tax, if you look at the treatment of dividends, capital gains and carried interest and take a look at loopholes and deductions to raise a significant amount of revenue from people at the top without changing the marginal rate, layery. >> very interesting. we're going to have senator tom coburn on that very subject later in the show. many thanks to john harwood coming from washington, d.c. now, with everyone in washington talking tax hikes, whatever happened to spending cuts? that's really my question. spending cuts and limited government and private sector free enterprise and growth. here now is cnbc contributor and democratic vat gist keith boykin, a former clinton white house aide and best selling author and talk show host larry elder, out with a new took, "dear father, dear son." larry already the sho
by the federal open market committee to support the economy. in addition, i will discuss important economic challenges our country faces as we close out 2012 and move into 2013, in particular the challenge of putting federal government finances on a sustainable path and the longer run while avoiding actions that would endanger the economic recovery in the near term. the economy is continuing to recover from the financial crisis and recession, but the pace of the recovery has been slower than fomc participants and others had hoped or anticipated when i spoke here last, three years ago. indeed, since the recession trough in 2009, growth in real gdp has averaged only a little more than 2% per year. similarly, the job market has improved over the past three years, but at a slow pace. the unemployment rate, which peaked at 10% in the fall of 2009, has since come down 2%, to just below 8%. this is a welcome decline, but it has taken a long time to achieve the progress, and the unemployment level is still well above its level prior to the onset of the recession and the level that our colleagues an
to it happening. there's also a consensus right and left it would be bad for the economy. so i think that when we are just looking at the tax component, there are certain things that we kev knitly -- definitely need to do. patching the a.m.t. for the first year is big. if we don't get a deal on the rest of the tax cuts until early 2013, i don't think that would be the worst thing for the economy. i do believe that it is kind of a little more of a slope. i do think that there is -- i think that the worst part of the fiscal cliff are going to be avoided, and beyond that i think that both sides if they don't come together then we have a lot more revenue, and then we could do something like tax reform on top of that higher revenue, which would still bring in some revenue, yet at the same time satisfy a lot of republican demands for possibly lower rates. again, we can cross that bridge when we get to it. right now i think we won't -- if there is going to be a deal in this lame duck session, we are not going to know until the very end. host: thank you, gentlemen. appreciate your helping us out with thi
raising wages for retail workers kickstart the economy? one study says it could boost gdp by 15%. i'm not really buying that. when the people behind that report is here to disagree with me. even when they say it is not, it is always about "money." all right, let's take a look at the headlines, fed chairman ben bernanke warning of dire consequences if we go flying over the fiscal cliff, bernanke says failure to make a deal could trigger another recession. he also says the fed does not have the tools needed to stop another downturn. and they're calling it the largest insider trading case ever. sec charging him with conspiracy to commit serious fraud. reporter made $276 million in illegal profits after receiving a tip from a doctor about a new alzheimer's drug. hewlett-packard's taking a dive today in a shocking report of fraud. we will have all the details here in just a moment. but first our top story tonight, the fighting between israel and hamas continues. senator said hillary clinton met with diplomatic leaders in egypt today to hp broker a cease-fire but that did nothing to stop
but if it is viewed take too much bread out of the economy weakens the into recession and that is why we are cautious short-term right now making rebalance as soon as they deliver a package about the fiscal cliff. dave: with a price target on apple? >> 725. dave: if you would do this for five seconds, >> institutional ownership, google 66. dave: thank you very much. dave: the s&p futures pit. >> thanks for having me. dave: no action but plenty of meeting inside the beltway. the president ready to sit down with more ceos to discuss coming tax increases and potential budget cuts. we haven't seen any suggestions. middle class americans, we are live at the white house. liz: main street businesses taking matters into their own hands. sending this letter to congress urging them to have tax reform. we are talking to the ceo, president of the national federation of independent business who signed a letter. what does he want? dave: automakers all over the world are revving their engines at the los angeles auto show, jeff flock as usual live in the center ring. what is going on? jeff: automakers are not worrie
to destroy the economy. no one in their right mind is going to allow that kind of increase to devastate the economy. lou: that's a good point. it's interesting that no one is talking about the fact that individual tax payment, 26% of the bush tax cuts over the past two years, the answer here is this. i just want to see everybody be happy. let me turn to benghazi. there is a palpable sense in washington dc right now. i don't believe the congress has the strength or the tools to actually penetrate the veil of denial and secrecy and opaqueness that is this administration and what it has done. now, when you think this is? >> the attorney general has to do this. lou: can you really see eric holder doing that? saying that we will investigate ourselves? >> if he doesn't do an independent investigation, you have the very people who have floated the idea of prosecuting general petraeus, there are all kinds of things they might do to him. there is all kinds of pressure that can be brought about. lou: are you saying that you don't think, i was speaking earlier with. rinsing, you don't think it's a
and argues that it hurts the economy. this is about 40 minutes. >> and howard hughes for research at the manhattan institute. thank you for joining us. the question of whether and how governments, particularly the federal government direct tax dollars to industries was a discussion last night presidential debate and is becoming an ongoing theme in the campaign. the term on which the finance and industries have also been the focus of intense debate, but probably the most contentious example of all is the one on which diana furchtgott-roth of the manhattan to senior fellow and speaker this afternoon focuses and are tightly regulating to disaster, have green jobs policies are damaging america's economy. in fact, she subjects the assumptions and policies which led to such elevated as of now bankrupt seller paid no manufacture as well as the electric car battery manufacturer to a withering analysis, which we at the institute have come to expect from this oxford trained economist who served as chief of staff of the council of economic advisers -- sorry. during the administration of pres
.s. economy and millions of american families have been struggling with unemployment and underemployment, net sales for the walton family has grown more than $70 billion since the start of the great recession. now, a lot of those families in the bottom half struggling with underemployment are in fact walmart workers. a leaked internal document revealed that the base pay at the sam's club stores can be as low as $8 an hour. that's a mere $16,000 a year. with wage increases in drips and drabs as low as 20 or 40 cents per hour. one study found that walmart employees in california were nearly 40% more likely to use public assistance to make ends meet. costing the state's taxpayers $86 million annually. that means people with jobs in that state are still having to turn to the public safety net to get by. because working at walmart is not sustainable employment. if walmart became the standard across all retailers in california, taxpayers would have to subsidize their fellow workers with an additional $410 million a year. yet according to a study by the policy development and advocacy administration
of all, interest rates are low because we have had a weak economy. as far as the debt goes, listen to dean, i'm sure that he believes that the only real problem phafacing the country a the capitol gains. i think we do have a debt problem i think we have a big debt problem. the numbers in the 20s, 30s, look horrifying and we have a huge job and growth problem. i don't understand how taking dividends from 15-43 creates jobs that closes that. >> i don't see spending cuts. it won't matter. the economy collapsed and the housing bubble collapsed. make them pay zero taxes. the search goes inside out. none of it finds that it will create any of those jobs. the government has no choice. >> that is quite an experiment. that you are willing to run with 1 or 2%. from 15 to 25. we are going to taking it from 15 to 30. >> we have been there. >> you are taking the rate on capital which we have the world's highest rate on capital. and you are poi inggoing to mak higher? i would love to see spending reductions. the house and the senate rotes for $1.2 trillion spending cut. that spending cut would b
disagreed. you are not going to grow the economy if you raise tax rates on the top two rates. it will hurt small business. it will hurt our economy. that is why this is not the right approach. >> now the guy at the center of the tax storm, oklahoma republican congressman, congressman, he singled you out for calling you out. how do you feel about that? >> i like the speaker. we have a great relationship and we are able to talking directly and honestly with each other and i have no problem with it. i would expect him to express his opinion as he would expect me to express mine. >>neil: he is saying you are precaving. >>guest: that is nonsense. the reality is, tax rates go up for every american on december 31st. if we can make sure that doesn't happen for 98 percent of them and continue to fight for the other 2 percent, that makes a lot of sense and the american people will listen to us in that discussion if they know their taxes aren't going up. we will win the argument. i do believe most people understand raising tax rates is bad for the economy, it costs jobs, it actually in the long term
period of lower rates further into the future we are not saying we expect the economy to remain weak until 2015. rather, we expect, as we indicated in our statement, that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens. in other words, we want to be sure that the recovery is established before we begin to normalize policy. we hope that such assurances will reduce uncertainty and increased confidence among households and businesses, thereby providing additional support for economic growth and job creation. the u.s. economy continues to be hampered by the lingering effects of the financial crisis on its productive potential and by a number of headwinds that hindered cyclical adjustment of the economy. the federal reserve is doing its part by providing accommodative monetary policy to promote a stronger economic recovery in the context of price stability. as i said before, while monetary policy can help to support economic recovery, it is by no means a panacea for our economic ills. uncertainties ab
on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they do it, making a point that voters will be looking to see if they can do this in a cooperative manner, whether
, we had huge surpluses because of the strong economy over the 1990's and deficit-reduction plans put in place over the 1990's. the government had the choice to spend that on programs, or returned it to tax payers, and the bush administration decided to return the money to taxpayers. over the following year's tax rates were lower. it was renewed in 2010 in a tax deal between president obama and congressional republicans at a time when the economy was weak and the feeling was they could not take an increase in taxes. host: what was the desired effect and did it happen? he called the desired effect was to give people more of their income back, and that happened, as wealthy people got more income back, more moderate income earners got some back. one of the questions is how it effects economic growth, and it is an unresolved area of economic research. did it did help the economy -- did it help the economy? it is hard to say. we had a good economy in the 2000's before the crisis. now we have a huge crisis. on balance, it probably did not help that much. host: can you calculate if jobs were
at this time, in fact, the president even said a couple of years ago, it harms the economy. we are trying to help the economy. and, so, unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and ground for my position. but, i also believe that we can and must get an agreement, otherwise i think first of all, the markets are going to start reacting. >> chris: we'll talk about that in the next segment, and i think it is a real issue. finally, let's talk about the g.o.p. republicans, i don't have to tell you, had a really rough night on election night. and let's look at the break down of some of the numbers. you lost unmarried women by 36 points, hispanics, by 44 points. young people, by 23 points. does your party need to change, especially, with those groups, on social issues like same sex marriage and immigration reform? >> i think we have to have a bigger tent. no doubt about it. and, obviously we have to do immigration reform. there is no doubt whatsoever that the demographics are not on our side. and, we are going to have to give a muc
swath of the economy, i can't stress how important this trend might be. hey, let's take the rails. >> all aboard! >> they've been horrendous in large part because of decline in coal shipments to our power plants which are nat gas. china is building hundreds of coal burning plants. when electricity is used, you'll see stocks like csx and norfolk southern start to bottom. you know what? i think they bottom now. just how powerful is china? consider this. last week we had a truce between the israelis and gazans. it took people by surprise. how can it stay high given the sudden ephemeral peace? oil didn't fall. that's because of rapacious chinese demand. there's europe. deal talks were in the air friday. that means a day when the industrials that had so much riding on return to growth in europe could blossom. they were some of the best actors out there. good news for europe, still good news for the international u.s. banks. they went up, too. jp morgan, goldman sachs. retail. we got terrific news on friday. initial returns from the black thursday which used to be black friday, tremendo
. energy is the lifeblood of a thriving economy and society. our future in energy provides the opportunity to significantly assist us in exiting our economic difficulties with jobs and new opportunities in abundance. we need reliable, affordable, and environmentally responsible in terms of supply. i say it is an important day because i believe we find ourselves at a unique point in history at the confluence of urgency and opportunity to them that we should make no mistake about it. -- and opportunity. we should make no mistake about it. if you examine the national intelligence council's global trends 2025 report, you'll find the word "energy" is one of the most repeated factors driving global security over the next 10 to 15 years. this means that achieving well conceived long term objectives depends on visionary action. the defining feature is about being pro-active. not reactive. this demands a sense of urgency and collegiality among the global community them back for the u.s., the united states, it is another critical challenge for our leadership responsibilities the world over. the prop
say that the president proposed $1.6 trillion in new revenue? he wants to destroy the economy? come on. who in their right mind will allow that kind of increase to devastate the economy. it will not be hostess going out of business. >> lou: that is a good point and it is interesting, no one is talking about the fact that individual tax payments, taxpayer payments, internal revenue service, receipts from those taxpayers have risen 26% under the bush tax cuts, over the past two years which tells us that the answer here is growth. >> that's right. >> lou: i'm a simple fellow and i'd like to see everybody start talking to each other. let me turn to benghazi, because, the special prosecutor. there is a sense of hopelessness that is palpable in washington, d.c., right now. because, i don't believe the congress feels that it has the strength or the tools to actually penetrate the veil of denial and secrecy and opaqueness that is the administration, when it comes to what it has done. witness the last nine weeks. you are calling for a special prosecutor, and the fellow who has to do that work f
the economy. american express open is here to help. that's why we are proud to present "your business" on msnbc. >>> hi, there, everyone. i'm j.j. ramberg. welcome to a very special edition of "your business." it comes in between black friday and cybermonday. this year, small business saturday is november 24th. it is a day people are urged to shop local and is support their communities. we are coming from maplewood, new jersey. a storm-battered state where small businesses need customers more than ever. across the country in burbank, california, the shop local movement has taken off in a big way. in the magnolia park section of that city, local retailers have banded together to revitalize not only sales but also their neighborhood. >>> it is the last friday of the month in the magnolia park section of burbank, california. normally, the stores would be closing and streets would be quiet but the creative small business owners here have figured out a low cost way of bringing in customers with a huge return. they call it ladies night out where people are coming out in droves to celebrate
the importance of the other nine to five economy. the impact of all that you do has an impact on our job situation and local economy, and to highlight all of the great work that we can do together to ensure that the sectors that you all represent, the sectors that you work for, that you employ people for connaught is one of the greatest sectors in san francisco. i hope we will take the opportunity of the america's cup to showcase our clubs, our restaurants, our nightlife events. as someone who represents the broadaway neighborhood, an area of town that i used to spend a lot of time in when i was in my 20's -- but actually, very few locals take the time to head to the beach on broadway. our neighborhoods are coming together to say that broadway is open to the rest of the world as well as san francisco. i want to put san francisco back on the map when it comes to music. to make sure that we have the type of entertainment that we used to be renowned for. and those of you that work in our bars and clubs, i want to make sure that we are trading the kind of destinations that we look forward to
for both the present and the future, and as our economy continues to sign signs of improvement i'm not going to forget where the jobs go and for the people in terms of hope for the city and of course working with laborers, with our construction contractors, with the labor council. tim is here together as well and mike and working with everybody we have unprecedented announcement today and 100% locally financed project close to $500 million of private investment signifying that they wish to on their volition to be working with the city to hire 25% of their construction work force with san francisco residents. [applause] this is a wonderful, wonderful day. and that as part of that percent goal they are opening up themselves to working with us in an enforceable obligation on this label. rick is here representing for the golden state warriors and at the same time within this goal too we're going to accommodate returning veterans from our war and pllt to be part of this effort too -- [applause] >> yes. and for me it really means putting the word and the title warriors in the golde
tomorrow will be durable goods orders. this really gives you a clue as to what is happening in the economy. we are expecting those numbers to be down. melissa: a little bit of a rebound bit -- maybe if. melissa: here is what is "money" tonight. warren buffett's plans tax hike critics claiming that higher rates would not put a freeze on investing. is the oracle of omaha having of false prophecy? 220 men join us with the reaction. egyptian president makes a power grab that could make a feral blush. violent protests break out. will they bring mideast turmoil to new heights? one of the reasons top experts. getting a pink slip for not getting a flu shot. one employer fires all workers refusing to get the flu vaccine. is it legal? could more businesses follow suit? if even when they say it's not, it's always about "money." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some other best in four months. two formerly bearish analysts up
that this is a global economy. the opportunities are ones that we can only surpassed if we come together. we can win the future if we dream together, if we work together. as a society, as an economy, the best is yet to comment. let me leave you with this last idea. every moment affords us an opportunity to change the world. let's seize that moment in each and every moment that succeeds that moment and let's do that together in celebration of our asian-pacific heritage and recognition of the great heritage as all the people that make up san francisco and california. we will truly honored this month, our heritage and our future. thank you very much. [applause] >> ok. all right. we have some competition on the stage right now. >> a couple of other people we need to thank. we have a bunch of co-hosts, the san francisco board of supervisors. a round of applause, please. [applause] our event shares and co-chairs. [reading names] >> all right, thank you. [applause] >> those people give money, so please applaud. >> next, i would like to introduce betty yee, the 2014 candidate for controller. john, maybe you
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
and then they looked at taxes, the economy, jobs, and they went to the president. >> what is an emerging trend in technology or how people consumer information that will have implications for 2014? the leading edge? >> that is a good question. the prevalence of people getting their information online has exploded. you look as swing voters and how little they are watching tv, we all had three places you got your news from. now they get their nightly news from 15 sources. jon stewart is an important moment from that. if you are a democratic-leaning woman, you love rachel maddow. getting to those people is harder. they are way more online than anyone. you have to go to where they are. campaigns will spend more and more of their money online than ever before. until it reaches parity with television. >> and you think television will still be big in 2016. >> it is going to be the dominant media but online is going to catch up very quickly. i think it already is catching up for young voters who are looking -- >> within a couple cycles? >> no question. i think the next election is going to have to dec
breaking this pledge? >> let's distinguish with what boehner have said. i certainly agree, if the economy grew at 4% instead of 2% for the next decade, the federal government would net an additional $5 trillion. you could pay all of obama's death down. connell: that is not what he is talking about. >> okay. i am sorry. what he said is what i said. what obama claims he said is a separate matter. boehner was very clear. obama said, oh, you have agreed to tax increases. the talks collapsed because obama misstated. connell: what you say to republicans who are thinking about breaking the pledge? >> look, most republicans have signed the pledge. even the ones who have not have made it very clear even when they ran for office, higher taxes have hurt the economy. they have spent too much money. the entitlements are looking to break the economy. we need to spend less. raising taxes to get the politicians more money to continue spending, does not solve any problems. connell: i know you think this is the narratives being pushed by the media and all of that, if they do break it, that does speak to yo
come january 1, and it will be an increaaed tax rate and were soft economy. if we actually pay for the cost of government as we have right now, the cost of government is recession. if you pay the size of government now. we will have recession in this country and that blows people's minds a little bit more. i don't see them being forced. we have all of these year-to-year fixes and patches and delay it here. this whole process is an example of doing that. dagen: you talk about the needing to be different. some people might talk about fixing our debt and deficit problems, but when it comes down to it, they don't want to give up tax rates, pay anymore, and when you talk about cutting government they get up in arms about cutting spending. >> that is definitely true. a few politicians who are talking honestly about this stuff and have been able to win a few elections. people like rand paul might lead it. scott walker of the world, there is a reality we will have to conform to. they're not all being punished at the ballot rocks. we will see a double dip recession and some of the effec
. it is is sapping the ability of the american economy to grow and it is topping -- zapping the ability of the average american to rise. until we look at the major core issues that are making the u.s. more attractive to business, we will go back to the fiscal cliff discussion over and over again. unless we can get our economy really moving and growing in the long run, these will just occur over and over again. we identified eight areas, as you mentioned, where we find there is broad consensus where we believe these things would really move the needle in a reasonable time frame, two, three, four years. there is some real bipartisan support. the first is the need of a sustainable budget compromise. that is widely accepted by all. two, easing on highly skilled immigration now. yes, when a broader immigration reform, but this is one of the abilities to really move rapidly to inject skills and to the economy and fill jobs badly need to be filled to sustain our growth. it is not a long-term solution and there, but it is a critical step we can take now that would really move the needle. we hav
the economy? who will allow that increase to devastate the economy? lou: a good point*. nobody talks about the fact that individual top -- checks payments federal receipts has risen over the last few years that the answer is broken i went to see how they talk to each other. there is a sense of helplessness that is palpable because i don't believe the congress feels it has the strength to penetrate the veil of denial , and secrecy that is this administration over the last nine weeks and he called for the special prosecutor. >> that's right. attorney general house to do it. >> eric holder says congressman you have a splendid idea. we will investigate ourselves. >> if he does not a point* a special prosecutor then what you have is the very people who floated the idea of general petraeus for adultery in the military. there is all kinds of pressure. lou: you don't thiik it is a coincidence coming down on david petraeus head against the issue it -- issues of the administration? >> exactly. i love your sarcasm. that is the problem. we have the purse strings with the department of injustice when i
will about the state of the economy but americans didn't hold back this holiday weekend. a record number of shoppers were out there, 247 million in all. the amount spent per shopper last year, total spending was up, online sales was up too. that doesn't include all the online spending about to happen tomorrow. we begin with kristen dahlgen at a mall in california. kristen. >> reporter: good evening, kate. those door buster deals may be gone but the shoppers aren't. you can see them up here wrapping up a retail at the national retail federation is calling as impressive as we've seen. from the moment doors opened thursday before the thanksgiving dishing were even done until they close tonight almost a quarter billion shoppers will have been online or in stores. >> put my sneakers on and go for it. >> reporter: shopping started earlier than ever. in spite of the employee protests, the early opening paid off. more than 35 million shopped on thanksgiving. six million more than last year. black friday was big too. 89 million brave the crowds in search of those hard to beat bargains up from 86
on the top 2% of households and it's not going to hurt the economy one bit. >> oh, that part i won't -- >> it's got to be part of the deal. >> that's part of the deal. >> before you answer that, art, i want to say, a second issue. let's put it right on table since jared opened up. many people believe since the president's budget want $1.6 trillion -- $1.6 trillion, of revenues, over ten years. >> over the next ten years, to be clear. >> next ten years. he will wish to raise the top tax rates. that includes income taxes, cap gains, dividends and estate taxes. and art laffer, he will also wish to curb deductions so he will raise tax revenues as well as tax rates and art, that sets the stage for a stalemate politically. what does it do economically also? >> well, it does set the stage politically. by not doing anything, all the tax rates go up on everyone. that's for sure. so, the question is, the republicans will pass a bill that extends all the tax cuts. i mean, that they will go along with no problem. they won't go along with a double wammy and they shouldn't. this is obama's economy. this is
the economy and if we do that on january 15th and it is a good deal, i would much prefer that over doing a bad deal on december 15th for face-saving on the january 1 fiscal cliff drop dead date. >> eliot: you're among the group that have been called the cliff jumpers. i don't know how you take that phrase but you've been willing to say let's go over the cliff. it will not be as dangerous and as cataclysmic as people are saying. >> i'm in good company. warren buffett. basically this artificial deadline is not a cliff. it is a slope. the bottom line is we've got to get a good deal. something that is sustainable and durable and not hit the panic button and then try to spin what is a bad deal as a good deal because that won't be sustainable after january 1st. >> eliot: that's not only correct on substance. unless we say that, the other side will stick us up and hold us to the deadline and get us to flinch at the end which unfortunately has been the history of the white house in the last couple of years. your wisdom there, i
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